The price is about as low as you can go in Southern California.

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

I usually have very low turnover so I was hoping to organically grow my presence and name brand so that I had more visibility in the marketplace.

If you’re looking at retrofitting to separate heating for each unit (like furnaces or mini-splits), you might be looking at a higher upfront cost, but it can shift utility expenses to tenants and improve your NOI.I’d factor in boiler age and efficiency when analyzing deals and if it’s near the end of its life, negotiate a price reduction or a credit.

If he must attempt to get the low interest rates of 2021 on this deal, I suggest that he instead look for assumable loans.

These range low 500s to the mid 600s.  

In my area, they charge transfer tax on the assessed value rather than the LOW sale price.

The current rents are really low because the tenants are responsible for doing any and all repairs on their buildings (which in my opinion contributes to the poor condition of the buildings). 

Low out of pocket cost. 

Much like other markets in the Midwest, investors go to our market because of the low barrier to entry.